AIA Concerned By Adoption Of NCOIL Resolutions
|Targeted News Service|
"Adoption of these resolutions is premature and may weaken NCOIL's ability to effectively engage with the U.S. and global regulatory community," said
"The capital standards resolution, "Regarding States' Response to International Proposals for Insurer Solvency Regulation and Global Insurance Capital Standard," fails to mention the ongoing implementation efforts by the Federal Reserve, required by the Dodd-Frank Act, to develop a differentiated capital standard for insurers organized as depository institutions or designated as systemically important financial institutions (SIFIs) by the
The "Resolution Concerning Principles of State Sovereignty in International Trade" expresses support for involvement by the states in ongoing and future international trade agreement negotiations. The trade resolution voices concern over the transparency of negotiations regarding the
"The resolution fails to recognize measures that protect the role of states in regulation, as well as regulatory safeguards that are in all U.S. trade agreements, and ignores the enormous benefits of trade agreements to the U.S. insurance sector," said DiGiovanni. "We hope that NCOIL will take steps to engage in a more constructive manner on international trade issues in the future."
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